1
EXHIBIT 99.2
------------
June 2001
[LOGO] FIFTH THIRD BANCORP
QUARTERLY FINANCIAL SUPPLEMENT
1Q01 - 1Q99
Investment Community Member:
To assist in your financial analysis, the following supplement of most requested
information concerning Fifth Third Bancorp is provided. All information, except
market price and dividends per common share, has been restated to reflect the
acquisition of Old Kent Financial Corporation (4/2/01) accounted for as a
pooling-of-interests.
Numbers are unaudited for both year-end and quarterly information.
If you need further information, please fax or e-mail your request to Fifth
Third's Investor Relations Department at (513) 579-6246 or
investorrelations.cincinnati@53.com.
/s/Neal E. Arnold /s/Rob Cafera
Neal E. Arnold Rob Cafera
EVP/Chief Financial Officer VP/External Reporting Manager
(513) 579-4356 (513) 744-6662
2
FIFTH THIRD BANCORP
YEAR ENDED
Years Ended December 31,
---------------------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------
RATIOS %
- --------
Return on Average Assets* ** 1.81 1.74 1.64 1.46 1.39 1.36
Return on Average Equity* ** 20.2 19.2 18.1 16.6 15.5 15.2
Average Equity/Average Assets 8.98 9.07 9.10 8.82 8.97 8.92
Net Interest Margin 3.74 3.97 3.89 3.97 3.95 3.95
Efficiency* ** 48.5 50.3 51.3 51.2 53.4 55.2
Net Charge-Offs/Average Loans & Leases * 0.26 0.32 0.44 0.45 0.42 0.21
Reserve/Loans & Leases Outstanding 1.43 1.48 1.56 1.50 1.53 1.66
Nonperforming Assets/Loans, Leases and OREO 0.47 0.40 0.52 0.60 0.63 0.72
Underperforming Assets/Loans, Leases and OREO 0.77 0.61 0.82 0.82 0.91 0.94
Loan Loss Reserve/Nonperforming Assets 303.85 370.86 300.58 250.24 244.00 229.44
Loan Loss Reserve/Underperforming Assets 185.21 241.16 189.33 182.85 167.33 177.69
SHARE DATA
- ----------
Earnings Per Share $ 2.02 $ 1.68 $ 1.44 $ 1.39 $ 1.16 $ 1.09
Earnings Per Diluted Share 1.98 1.66 1.42 1.37 1.14 1.07
Operating Earnings Per Diluted Share* ** 2.10 1.83 1.63 1.37 1.20 1.07
Dividends Per Common Share 0.70 0.59 0.47 0.38 0.33 0.28
Book Value Per Share 11.71 9.84 9.64 9.00 8.32 7.66
Common Shares Outstanding (net of treasury) 569,056,843 565,425,468 557,438,774 556,356,059 564,561,419 548,266,213
Market Price Per Share:
High $ 60.88 $ 50.29 $ 49.42 $ 37.11 $ 22.00 $ 15.11
Low 29.33 38.58 31.67 18.00 12.89 9.29
Close 59.75 48.92 47.54 36.33 18.61 14.47
Price/Earnings Ratio 30.18 29.47 33.48 26.52 16.32 13.52
SUPPLEMENTAL DATA
- -----------------
Common Dividends Declared (000's) $ 324,959 $ 247,871 $ 186,710 $ 137,288 $ 118,477 $ 97,214
Employees (Full-time Equivalents) 20,468 21,290 20,375 19,752 18,666 17,483
Banking Centers 963 939 931 947 960 925
* - excludes merger-related charges
** - excludes one-time SAIF assessment
3
FIFTH THIRD BANCORP
YEAR ENDED
Years Ended December 31,
---------------------------------------------------------------------------------------
INCOME STATEMENT ($000S) 2000 1999 1998 1997 1996 1995
- ------------------------ ---------------------------------------------------------------------------------------
Interest Income-FTE $ 4,994,731 $ 4,238,284 $ 4,085,148 $ 4,003,915 $ 3,680,234 $ 3,292,182
Interest Expense 2,692,850 2,021,736 2,041,974 2,026,132 1,852,182 1,673,153
---------------------------------------------------------------------------------------
Net Interest Income-FTE 2,301,881 2,216,548 2,043,174 1,977,783 1,828,052 1,619,029
Loan Loss Provision 125,661 143,232 156,217 176,619 123,645 79,943
Merger-Related Loan Loss Provision 12,000 26,213 20,202 -- -- --
Operating Income:
Data Processing Income 251,730 188,652 146,586 115,362 90,660 77,797
Service Charges on Deposits 298,389 252,410 230,187 198,884 177,922 149,608
Trust Income 281,020 261,531 221,308 174,102 146,209 128,042
Mortgage banking revenue 255,964 289,526 248,358 160,957 119,774 85,084
Other Non-Interest Income 369,867 324,692 260,689 224,389 196,042 153,133
Securities Gains (Losses) 6,175 8,418 49,544 25,303 14,659 20,169
Foreign Exchange Income 19,129 13,829 8,484 5,773 3,550 3,060
---------------------------------------------------------------------------------------
Total Operating Income 1,482,274 1,339,058 1,165,156 904,770 748,816 616,893
Operating Expenses:
Staff Expense 927,945 905,269 824,929 736,103 675,876 590,064
Equipment Expenses 99,846 98,380 91,277 81,566 73,796 68,458
Net Occupancy Expenses 137,615 131,037 120,284 113,722 104,954 91,935
Deposit Insurance Expenses 9,079 9,831 10,473 9,779 25,213 43,448
Foreclosed Property Expense 3,606 3,336 4,345 3,585 3,708 3,395
Other Expenses 653,772 636,483 570,154 518,879 485,633 425,118
One-Time SAIF Assessment -- -- -- -- 49,600 --
Merger-Related Charges 86,973 108,141 146,340 -- -- --
---------------------------------------------------------------------------------------
Total Operating Expenses 1,918,836 1,892,477 1,767,802 1,463,634 1,418,780 1,222,418
---------------------------------------------------------------------------------------
Pre-Tax Income-FTE 1,727,658 1,493,684 1,264,109 1,242,300 1,034,443 933,561
Tax Equivalent Adjustment 47,359 38,839 32,991 70,474 59,245 53,423
---------------------------------------------------------------------------------------
Income Before Income Taxes 1,680,299 1,454,845 1,231,118 1,171,826 975,198 880,138
Applicable Income Taxes 539,066 507,498 423,468 394,616 320,510 286,556
---------------------------------------------------------------------------------------
Net Income $ 1,141,233 $ 947,347 $ 807,650 $ 777,210 $ 654,688 $ 593,582
---------------------------------------------------------------------------------------
Dividend on preferred stock 740 740 740 740 940 1,106
---------------------------------------------------------------------------------------
Net income available to common $ 1,140,493 $ 946,607 $ 806,910 $ 776,470 $ 653,748 $ 592,476
=======================================================================================
Operating Earnings * $ 1,207,126 $ 1,048,007 $ 925,288 $ 776,470 $ 685,007 $ 592,476
---------------------------------------------------------------------------------------
REGULATORY CAPITAL DATA ($000S)
- -------------------------------
Tier 1 Capital $ 6,317,271 $ 5,573,014 $ 5,117,988 $ 4,612,955 $ 4,157,927 $ 3,832,695
Tier 2 Capital 1,176,823 911,730 856,547 858,560 828,711 843,819
---------------------------------------------------------------------------------------
Total Risk-Based Capital $ 7,494,094 $ 6,484,744 $ 5,974,535 $ 5,471,515 $ 4,986,638 $ 4,676,514
=======================================================================================
Total Risk-Adjusted Assets $55,942,787 $49,379,320 $43,906,496 $41,356,922 $36,316,507 $32,420,872
Leverage Ratio 9.40% 9.04% 9.13% 8.64% 8.44% 8.58%
Tier 1 Risk-Based Capital Ratio 11.29% 11.29% 11.66% 11.15% 11.45% 11.82%
Total Risk-Based Capital Ratio 13.40% 13.13% 13.61% 13.23% 13.73% 14.42%
* - excludes merger-related charges and one-time SAIF assessment
4
FIFTH THIRD BANCORP
YEAR ENDED
Years Ended December 31,
---------------------------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------
BALANCE SHEET - ASSETS ($000S)
- ------------------------------
Cash and Cash Equivalents $ 1,706,538 $ 1,892,244 $ 1,804,451 $ 1,646,867 $ 1,785,487 $ 1,589,688
Available-for-Sale Securities 19,028,803 15,925,358 15,584,229 13,554,947 12,748,785 10,546,845
Held-to-Maturity Securities 552,563 738,406 925,646 2,065,920 2,583,366 2,586,181
Other Short-Term Investments 232,524 387,875 247,697 383,806 564,216 583,426
---------------------------------------------------------------------------------------------
Total Securities 19,813,890 17,051,639 16,757,572 16,004,673 15,896,367 13,716,452
---------------------------------------------------------------------------------------------
Total Cash and Securities 21,520,428 18,943,883 18,562,023 17,651,540 17,681,854 15,306,140
Loans Held for Sale 1,654,996 1,198,407 2,861,345 1,590,307 682,544 663,699
Loans and Leases Held for Investment
(before reserve) 42,530,390 38,836,589 34,115,399 33,906,147 31,597,392 28,488,756
---------------------------------------------------------------------------------------------
Total Loans and Leases 44,185,386 40,034,996 36,976,744 35,496,454 32,279,936 29,152,455
Loan Loss Reserve (609,340) (572,919) (532,176) (509,231) (483,572) (474,047)
Goodwill 532,798 431,845 311,595 244,705 199,328 194,488
Other Intangibles 234,720 264,120 270,262 274,066 291,792 96,920
---------------------------------------------------------------------------------------------
Total Intangible Assets 767,518 695,965 581,857 518,771 491,120 291,408
Mortgage Servicing Rights 413,065 381,661 310,316 219,707 153,386 82,768
Other Real Estate Owned 27,626 20,747 22,079 22,933 31,897 30,337
Other Assets 3,353,656 2,652,355 2,281,014 1,859,904 1,782,394 1,548,631
---------------------------------------------------------------------------------------------
Total Assets $ 69,658,339 $ 62,156,688 $ 58,201,857 $ 55,260,078 $ 51,937,015 $ 45,937,692
=============================================================================================
BALANCE SHEET - LIABILITIES ($000S)
- -----------------------------------
Deposits $ 48,359,441 $ 41,855,805 $ 41,014,027 $ 39,609,006 $ 38,531,504 $ 34,890,934
Borrowings:
Short-Term 8,099,297 11,198,167 7,063,090 6,988,900 5,792,388 4,103,526
Long-Term 4,311,310 2,003,772 3,263,590 2,505,341 1,995,069 1,881,708
Convertible Subordinated Debentures 172,500 172,500 172,500 -- -- --
Other Liabilities 2,053,379 1,363,649 1,317,271 1,152,208 923,193 861,332
---------------------------------------------------------------------------------------------
Total Liabilities $ 62,995,927 $ 56,593,893 $ 52,830,478 $ 50,255,455 $ 47,242,154 $ 41,737,500
=============================================================================================
BALANCE SHEET - EQUITY ($000S)
- ------------------------------
Common and Preferred Equity 6,635,513 5,864,656 5,293,523 5,049,282 4,678,191 4,154,163
Net Unrealized Gains (Losses) on
Securities Available for Sale 28,012 (301,861) 135,815 139,921 16,847 46,029
Treasury Stock, at Cost (1,113) -- (57,959) (184,580) (177) --
---------------------------------------------------------------------------------------------
Total Shareholders' Equity $ 6,662,412 $ 5,562,795 $ 5,371,379 $ 5,004,623 $ 4,694,861 $ 4,200,192
=============================================================================================
Preferred Shares Outstanding 9,250 9,250 9,250 9,250 9,250 14,250
Common Shares Outstanding
(net of treasury) 569,056,843 565,425,468 557,438,774 556,356,059 564,561,419 548,266,213
Treasury Shares Held 21,875 -- 1,383,042 8,137,328 13,266 --
5
FIFTH THIRD BANCORP
YEAR ENDED
Years Ended December 31,
---------------------------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------
AVERAGE BALANCE SHEET ($000'S)
- ------------------------------
Taxable Securities $ 17,245,897 $ 15,389,869 $ 14,825,601 $ 14,356,283 $ 13,786,764 $ 11,545,712
Tax Exempt Securities 1,383,831 1,511,008 1,265,051 1,068,719 1,171,821 1,168,938
Loans & Leases 42,690,459 38,652,106 36,013,782 33,850,423 30,742,193 27,598,267
Other Earning Assets 200,277 327,221 375,837 512,707 536,459 675,687
---------------------------------------------------------------------------------------------
Total Earning Assets 61,520,464 55,880,204 52,480,271 49,788,132 46,237,237 40,988,604
---------------------------------------------------------------------------------------------
Cash and Due from Banks 1,455,691 1,628,095 1,565,751 1,366,566 1,401,460 1,364,804
Other Assets 4,227,918 3,343,870 2,781,715 2,494,952 2,212,133 1,715,110
Reserve for Credit Losses (594,137) (559,840) (522,113) (488,200) (484,273) (460,697)
---------------------------------------------------------------------------------------------
Total Assets $ 66,609,936 $ 60,292,329 $ 56,305,624 $ 53,161,450 $ 49,366,557 $ 43,607,821
=============================================================================================
Interest Checking $ 6,548,207 $ 6,081,813 $ 5,318,358 $ 4,437,157 $ 3,972,383 $ 3,585,746
Savings 7,857,873 7,413,312 6,592,961 5,419,319 5,010,127 4,090,058
Money Market Deposits 1,862,995 2,592,287 2,921,961 3,408,649 3,721,657 3,664,935
Consumer Time Deposits 14,875,713 14,674,472 15,854,845 16,897,103 16,135,000 13,397,944
---------------------------------------------------------------------------------------------
Total Customer Deposits 31,144,788 30,761,884 30,688,125 30,162,228 28,839,167 24,738,683
CDs $100,000 & Over 3,123,634 3,380,334 3,118,425 3,163,387 3,222,026 3,142,799
Foreign Deposits 3,895,499 952,277 269,765 440,533 569,057 1,006,439
Short-Term Borrowings 11,201,963 9,537,213 7,612,216 6,486,088 5,085,046 4,754,023
Long-Term Borrowings 3,229,340 2,522,803 2,694,953 2,306,648 1,832,919 1,289,630
---------------------------------------------------------------------------------------------
Total Interest-Bearing Liabilities 52,595,224 47,154,511 44,383,484 42,558,884 39,548,215 34,931,574
Demand Deposits 6,257,315 6,078,798 5,626,749 4,931,842 4,492,498 4,049,745
Other Liabilities 1,776,176 1,591,485 1,169,423 980,531 896,206 736,524
---------------------------------------------------------------------------------------------
Total Liabilities 60,628,715 54,824,794 51,179,656 48,471,257 44,936,919 39,717,843
---------------------------------------------------------------------------------------------
Shareholders' Equity 5,981,221 5,467,535 5,125,968 4,690,193 4,429,638 3,889,978
---------------------------------------------------------------------------------------------
Total Liabilities & Shareholders'
Equity $ 66,609,936 $ 60,292,329 $ 56,305,624 $ 53,161,450 $ 49,366,557 $ 43,607,821
=============================================================================================
Average Loans and Leases
(excluding held for sale) $ 41,302,964 $ 36,542,653 $ 33,929,975 $ 32,789,983 $ 30,231,339 $ 27,234,437
Average Common Shares Outstanding
Basic 565,685,977 562,041,032 558,534,169 557,881,999 561,896,024 542,522,904
Diluted 578,973,325 575,895,318 571,084,574 566,574,828 572,902,298 558,322,766
6
FIFTH THIRD BANCORP
YEAR ENDED
Years Ended December 31,
--------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995
--------------------------------------------------------------------------
ASSET QUALITY ($000S)
- ---------------------
Non-Accrual Loans $ 174,250 $ 133,200 $ 150,472 $ 172,515 $ 156,373 $ 161,823
Renegotiated Loans 1,603 2,210 5,159 6,589 8,093 7,878
Other Real Estate Owned 24,685 19,073 21,417 24,389 33,719 36,908
--------------------------------------------------------------------------
Total Non-Performing Assets 200,538 154,483 177,048 203,493 198,185 206,609
Loans 90+ Days Past Due 128,454 83,087 104,030 75,001 90,802 60,173
--------------------------------------------------------------------------
Total NPAs Plus Loans Over 90 Days $ 328,992 $ 237,570 $ 281,078 $ 278,494 $ 288,987 $ 266,782
==========================================================================
LOAN PORTFOLIO ($ IN MILLIONS)
- ------------------------------
(net of unearned discount)
Construction & Land Development $ 3,223 $ 2,272 $ 1,662 $ 1,465 $ 1,306 $ 1,019
Commercial Mortgages 6,227 5,640 4,425 3,948 3,701 3,500
Commercial Loans & Leases 13,306 12,106 10,780 10,240 9,294 8,115
Residential Mortgages 7,167 7,750 10,569 10,908 9,503 8,392
Home Equity Loans 6,792 4,524 2,956 2,348 1,692 1,311
Credit Card Outstandings 362 318 345 380 760 723
Other Consumer 7,108 7,425 6,239 6,207 6,024 6,093
--------------------------------------------------------------------------
Total Loans & Leases $ 44,185 $ 40,035 $ 36,976 $ 35,496 $ 32,280 $ 29,153
==========================================================================
NON-PERFORMING LOANS ($000S)
- ----------------------------
(non-accrual plus renegotiated)
Construction & Land Development $ 10,868 $ 4,041 $ 4,840 $ 6,047 $ 9,633 $ 2,830
Commercial Mortgages 42,001 24,861 40,750 39,009 44,107 67,725
Commercial Loans & Leases 75,315 55,155 71,611 78,737 64,513 61,910
Residential 41,864 48,271 32,678 49,010 40,168 31,498
Installment 5,805 3,082 5,752 6,301 6,045 5,738
--------------------------------------------------------------------------
Total $ 175,853 $ 135,410 $ 155,631 $ 179,104 $ 164,466 $ 169,701
==========================================================================
NET CHARGE-OFFS ($000S) *
- -------------------------
Gross Charge-Offs $ 175,846 $ 209,274 $ 213,601 $ 196,544 $ 173,729 $ 91,472
Recoveries (67,051) (67,682) (54,904) (48,770) (45,277) (34,212)
--------------------------------------------------------------------------
Net Charge-Offs $ 108,795 $ 141,592 $ 158,697 $ 147,774 $ 128,452 $ 57,260
==========================================================================
* - 1999 and 1998 includes the effect of 4Q 1999, 4Q 1998 and 2Q 1998 merger-related charge-offs of $26,213, $3,000 and $5,952,
respectively.
7
FIFTH THIRD BANCORP
QUARTER ENDED
Three Months Ended
-----------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
-----------------------------------------------------------------------------
RATIOS (%)
- ----------
Return on Average Assets* 1.79 1.87 1.83 1.80 1.76
Return on Average Equity* 18.1 20.4 20.6 21.1 19.6
Average Equity/Average Assets 9.92 9.18 8.89 8.53 8.96
Net Interest Margin 3.81 3.70 3.71 3.74 3.82
Efficiency* 48.1 47.9 48.0 48.3 49.9
Net Charge-Offs/Average Loans & Leases * 0.46 0.33 0.22 0.26 0.25
Reserve/Loans & Leases Outstanding 1.48 1.43 1.47 1.46 1.46
Nonperforming Assets/Loans, Leases and OREO 0.52 0.47 0.42 0.39 0.41
Underperforming Assets/Loans, Leases and OREO 0.77 0.77 0.69 0.66 0.65
Loan Loss Reserve/Nonperforming Assets 287.26 303.85 351.30 370.04 356.89
Loan Loss Reserve/Underperforming Assets 192.65 185.21 212.69 221.76 225.67
SHARE DATA
- ----------
Earnings Per Share $ 0.52 $ 0.56 $ 0.55 $ 0.44 $ 0.47
Earnings Per Diluted Share 0.51 0.55 0.54 0.43 0.46
Operating Earnings Per Diluted Share* 0.52 0.55 0.54 0.52 0.49
Dividends Per Common Share 0.20 0.18 0.18 0.18 0.16
Book Value Per Share 12.19 11.71 10.72 10.33 9.99
Common Shares Outstanding (net of treasury) 575,410,069 569,056,843 563,201,628 566,309,657 566,324,584
High $ 61.31 $ 60.88 $ 54.75 $ 48.00 $ 48.50
Low 45.69 43.31 40.94 37.75 29.33
Close 53.44 59.75 53.88 42.17 42.00
Price/Earnings Ratio 26.33 30.18 30.61 25.40 25.15
SUPPLEMENTAL DATA
- -----------------
Common Dividends Declared (000's) $ 94,377 $ 83,798 $ 83,108 $ 83,704 $ 74,323
Employees (Full-time Equivalents) 20,508 20,468 20,615 20,826 21,081
Banking Centers 974 963 920 922 932
ATMs 1,905 1,947 1,960 1,996 1,977
Three Months Ended
--------------------------------------------------------------
December 31, September 30, June 30, March 31,
1999 1999 1999 1999
--------------------------------------------------------------
RATIOS (%)
- ----------
Return on Average Assets* 1.74 1.76 1.70 1.75
Return on Average Equity* 19.3 19.4 18.8 19.2
Average Equity/Average Assets 9.01 9.10 9.05 9.12
Net Interest Margin 3.86 3.96 4.03 4.03
Efficiency* 49.6 48.9 51.7 51.0
Net Charge-Offs/Average Loans & Leases * 0.37 0.25 0.32 0.33
Reserve/Loans & Leases Outstanding 1.48 1.52 1.52 1.54
Nonperforming Assets/Loans, Leases and OREO 0.40 0.43 0.45 0.48
Underperforming Assets/Loans, Leases and OREO 0.61 0.71 0.71 0.78
Loan Loss Reserve/Nonperforming Assets 370.86 348.44 338.04 318.47
Loan Loss Reserve/Underperforming Assets 241.16 212.04 211.97 198.09
SHARE DATA
- ----------
Earnings Per Share $ 0.33 $ 0.45 $ 0.45 $ 0.45
Earnings Per Diluted Share 0.33 0.44 0.44 0.44
Operating Earnings Per Diluted Share* 0.48 0.47 0.44 0.44
Dividends Per Common Share 0.16 0.16 0.13 0.13
Book Value Per Share 9.84 9.56 9.59 9.74
Common Shares Outstanding (net of treasury) 565,425,468 565,494,574 560,302,884 557,601,773
High $ 50.29 $ 46.58 $ 49.50 $ 50.29
Low 38.58 39.08 41.08 41.58
Close 48.92 40.56 44.38 43.96
Price/Earnings Ratio 29.47 23.58 25.80 29.50
SUPPLEMENTAL DATA
- -----------------
Common Dividends Declared (000's) $ 74,152 $ 65,983 $ 54,262 $ 53,475
Employees (Full-time Equivalents) 21,290 21,165 21,326 20,977
Banking Centers 939 938 938 940
ATMs 1,962 1,966 1,975 2,044
* - excludes merger-related charges and cumulative effect of adopting SFAS 133.
8
FIFTH THIRD BANCORP
QUARTER ENDED
Three Months Ended
---------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
---------------------------------------------------------------------------------
INCOME STATEMENT ($000S)
- ------------------------
Interest Income-FTE $ 1,271,381 $ 1,304,507 $ 1,288,476 $ 1,243,165 $ 1,158,583
Interest Expense 670,786 720,229 708,595 670,409 593,617
---------------------------------------------------------------------------------
Net Interest Income-FTE 600,595 584,278 579,881 572,756 564,966
Loan Loss Provision 65,939 31,534 26,834 35,309 31,984
Merger-Related Loan Loss Provision -- -- -- 8,000 4,000
Operating Income:
Data Processing Income 69,565 74,898 64,627 59,155 53,050
Service Charges on Deposits 77,829 76,639 78,384 75,894 67,472
Trust Income 77,115 70,362 68,889 70,283 71,486
Mortgage banking revenue 60,465 64,316 62,731 63,548 65,369
Other Non-Interest Income 117,722 91,407 92,984 91,494 93,982
Securities Gains (Losses) 4,319 5,815 420 (150) 90
Foreign Exchange Income 6,165 4,637 4,917 5,173 4,402
---------------------------------------------------------------------------------
Total Operating Income 413,180 388,074 372,952 365,397 355,851
Operating Expenses:
Salaries, Wages & Incentives 203,204 200,595 194,204 193,167 195,222
Employee Benefits 37,884 28,298 35,006 38,252 43,201
Equipment Expenses 24,891 25,004 24,990 25,221 24,631
Net Occupancy Expenses 36,598 36,067 34,158 33,486 33,904
Deposit Insurance Expense 2,014 2,255 2,249 2,312 2,263
Foreclosed Property Expense 1,879 1,211 1,068 423 904
Other Expenses 178,909 169,081 165,082 160,063 159,546
Merger-Related and Special Charges -- -- -- 64,848 22,125
---------------------------------------------------------------------------------
Total Operating Expenses 485,379 462,511 456,757 517,772 481,796
---------------------------------------------------------------------------------
Pre-Tax Income-FTE 462,457 478,307 469,242 377,072 403,037
Tax Equivalent Adjustment 12,191 12,470 12,876 12,107 9,906
---------------------------------------------------------------------------------
Income Before Income Taxes 450,266 465,837 456,366 364,965 393,131
Applicable Income Taxes 143,866 146,528 146,686 117,192 128,660
---------------------------------------------------------------------------------
Net Income $ 306,400 $ 319,309 $ 309,680 $ 247,773 $ 264,471
---------------------------------------------------------------------------------
Cumulative effect of adopting SFAS 133 6,781 -- -- -- --
Dividend on preferred stock 185 185 185 185 185
---------------------------------------------------------------------------------
Net income available to common $ 299,434 $ 319,124 $ 309,495 $ 247,588 $ 264,286
=================================================================================
Operating Earnings * $ 306,215 $ 319,124 $ 309,495 $ 296,715 $ 281,792
REGULATORY CAPITAL DATA ($000S)
- -------------------------------
Tier 1 Capital $ 6,573,025 $ 6,317,271 $ 6,033,849 $ 5,966,344 $ 5,652,589
Tier 2 Capital 1,207,280 1,176,823 1,216,006 1,060,550 932,421
---------------------------------------------------------------------------------
Total Risk-Based Capital $ 7,780,305 $ 7,494,094 $ 7,249,855 $ 7,026,894 $ 6,585,010
=================================================================================
Total Risk-Adjusted Assets $ 57,656,484 $ 55,942,787 $ 53,149,625 $ 53,179,094 $ 52,517,334
Leverage Ratio 9.61% 9.40% 9.07% 9.08% 8.78%
Tier 1 Risk-Based Capital Ratio 11.40% 11.29% 11.35% 11.22% 10.76%
Total Risk-Based Capital Ratio 13.49% 13.40% 13.64% 13.21% 12.54%
* - excludes merger-related charges and cumulative effect of adopting SFAS 133.
Three Months Ended
-------------------------------------------------------------
December 31, September 30, June 30, March 31,
1999 1999 1999 1999
-------------------------------------------------------------
INCOME STATEMENT ($000S)
- ------------------------
Interest Income-FTE $ 1,108,531 $ 1,082,525 $ 1,038,905 $ 1,008,323
Interest Expense 548,090 516,508 484,261 472,877
-------------------------------------------------------------
Net Interest Income-FTE 560,441 566,017 554,644 535,446
Loan Loss Provision 30,404 38,006 41,235 33,587
Merger-Related Loan Loss Provision 26,213 -- -- --
Operating Income:
Data Processing Income 56,498 48,263 43,965 39,926
Service Charges on Deposits 66,966 65,331 62,273 57,840
Trust Income 65,233 67,131 66,550 62,617
Mortgage banking revenue 76,628 66,070 73,305 73,523
Other Non-Interest Income 72,542 86,151 83,664 82,335
Securities Gains (Losses) 729 (2,995) 6,289 4,395
Foreign Exchange Income 3,664 3,496 3,161 3,508
-------------------------------------------------------------
Total Operating Income 342,260 333,447 339,207 324,144
Operating Expenses:
Salaries, Wages & Incentives 190,629 192,290 196,654 183,383
Employee Benefits 28,728 34,083 38,893 40,609
Equipment Expenses 25,922 24,056 24,930 23,472
Net Occupancy Expenses 34,314 33,153 31,747 31,823
Deposit Insurance Expense 2,373 2,483 2,473 2,502
Foreclosed Property Expense 1,009 614 771 942
Other Expenses 164,761 154,753 163,133 153,836
Merger-Related and Special Charges 82,141 26,000 -- --
-------------------------------------------------------------
Total Operating Expenses 529,877 467,432 458,601 436,567
-------------------------------------------------------------
Pre-Tax Income-FTE 316,207 394,026 394,015 389,436
Tax Equivalent Adjustment 9,818 9,762 9,729 9,530
-------------------------------------------------------------
Income Before Income Taxes 306,389 384,264 384,286 379,906
Applicable Income Taxes 116,884 129,831 131,698 129,085
-------------------------------------------------------------
Net Income $ 189,505 $ 254,433 $ 252,588 $ 250,821
-------------------------------------------------------------
Cumulative effect of adopting SFAS 133 -- -- -- --
Dividend on preferred stock 185 185 185 185
-------------------------------------------------------------
Net income available to common $ 189,320 $ 254,248 $ 252,403 $ 250,636
=============================================================
Operating Ea$rnings * $ 273,120 $ 271,848 $ 252,403 $ 250,636
REGULATORY CAPITAL DATA ($000S)
- -------------------------------
Tier 1 Capital $ 5,573,014 $ 5,620,852 $ 5,310,779 $ 5,220,610
Tier 2 Capital 911,730 906,195 875,925 797,185
-------------------------------------------------------------
Total Risk-Based Capital $ 6,484,744 $ 6,527,047 $ 6,186,704 $ 6,017,795
=============================================================
Total Risk-Adjusted Assets $ 49,379,320 $ 46,717,433 $ 44,513,517 $ 43,753,852
Leverage Ratio 9.04% 9.51% 9.29% 9.14%
Tier 1 Risk-Based Capital Ratio 11.29% 12.03% 11.93% 11.93%
Total Risk-Based Capital Ratio 13.13% 13.97% 13.90% 13.75%
* - excludes merger-related charges and cumulative effect of adopting SFAS 133.
9
FIFTH THIRD BANCORP
QUARTER ENDED
Three Months Ended
-----------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
-----------------------------------------------------------------------------
BALANCE SHEET - ASSETS ($000S)
- ------------------------------
Cash and Cash Equivalents $ 1,422,043 $ 1,706,538 $ 1,433,887 $ 1,425,500 $ 1,550,611
Available-for-Sale Securities 19,281,407 19,028,803 18,239,166 18,302,233 18,035,609
Held-to-Maturity Securities 28,086 552,563 606,872 617,312 736,019
Other Short-Term Investments 209,279 232,524 245,005 131,231 393,492
-----------------------------------------------------------------------------
Total Securities 19,518,772 19,813,890 19,091,043 19,050,776 19,165,120
-----------------------------------------------------------------------------
Total Cash and Securities 20,940,815 21,520,428 20,524,930 20,476,276 20,715,731
Loans Held for Sale 3,468,581 1,654,996 1,372,259 1,578,543 1,434,741
Loans and Leases Held for Investment (before reserve) 43,106,807 42,530,390 41,458,106 41,293,376 40,104,015
-----------------------------------------------------------------------------
Total Loans and Leases 46,575,388 44,185,386 42,830,365 42,871,919 41,538,756
Loan Loss Reserve (639,697) (609,340) (607,836) (602,204) (584,877)
Goodwill 579,792 532,798 424,992 426,833 424,765
Other Intangibles 229,044 234,720 241,270 254,048 260,858
-----------------------------------------------------------------------------
Intangible Assets 808,836 767,518 666,262 680,881 685,623
Mortgage Servicing Rights 410,124 413,065 411,687 381,247 397,196
Other Real Estate Owned 28,095 27,626 25,307 24,418 19,229
Other Assets 3,344,774 3,353,656 3,032,196 3,062,618 2,886,590
-----------------------------------------------------------------------------
Total Assets $ 71,468,335 $ 69,658,339 $ 66,882,911 $ 66,895,155 $ 65,658,248
=============================================================================
BALANCE SHEET - LIABILITIES ($000S)
- -----------------------------------
Interest Checking $ 7,969,642 $ 7,125,969 $ 6,444,286 $ 6,396,465 $ 6,610,646
Savings 8,573,504 8,335,489 7,837,947 7,755,921 7,908,632
Money Market Deposits 1,826,433 1,772,648 1,725,227 1,935,001 2,036,396
Consumer Time Deposits 15,554,222 15,642,715 15,042,726 14,617,035 14,598,644
-----------------------------------------------------------------------------
Total Customer Deposits 33,923,801 32,876,821 31,050,186 30,704,422 31,154,318
CDs $100,000 & Over 3,653,808 3,637,710 3,440,033 3,349,972 2,290,276
Foreign Deposits 1,283,963 4,692,529 1,462,030 3,847,185 5,240,275
Short-Term 10,877,233 8,099,297 11,544,177 12,313,110 11,257,125
Long-Term 5,173,244 4,311,310 5,171,621 2,587,003 2,042,986
Convertible Subordinated Debentures 172,500 172,500 172,500 172,500 172,500
-----------------------------------------------------------------------------
Total Interest-Bearing Liabilities 55,084,549 53,790,167 52,840,547 52,974,192 52,157,480
-----------------------------------------------------------------------------
Demand Deposits 7,061,772 7,152,381 6,280,460 6,364,057 6,211,112
Other Liabilities 2,306,150 2,053,379 1,724,229 1,707,569 1,633,892
-----------------------------------------------------------------------------
Total Liabilities 64,452,471 62,995,927 60,845,236 61,045,818 60,002,484
=============================================================================
BALANCE SHEET - EQUITY ($000S)
- ------------------------------
Common and Preferred Equity 6,938,885 6,635,513 6,400,978 6,178,780 6,033,142
Net Unrealized Gains (Losses) on
Securities Available for Sale 76,979 28,012 (198,531) (329,443) (377,378)
Treasury Stock, at Cost -- (1,113) (164,772) -- --
-----------------------------------------------------------------------------
Total Shareholders' Equity $ 7,015,864 $ 6,662,412 $ 6,037,675 $ 5,849,337 $ 5,655,764
=============================================================================
Preferred Shares Outstanding 9,250 9,250 9,250 9,250 9,250
Common Shares Outstanding (net of treasury) 575,410,069 569,056,843 563,201,628 566,309,657 566,324,584
Treasury Shares Held -- 21,875 3,600,000 -- --
Three Months Ended
------------------------------------------------------------
December 31, September 30, June 30, March 31,
1999 1999 1999 1999
------------------------------------------------------------
BALANCE SHEET - ASSETS ($000S)
- ------------------------------
Cash and Cash Equivalents $ 1,892,244 $ 1,516,495 $ 1,662,362 $ 1,540,597
Available-for-Sale Securities 15,925,358 16,033,871 16,135,707 16,344,881
Held-to-Maturity Securities 738,406 826,789 844,015 899,455
Other Short-Term Investments 387,875 487,039 198,403 205,546
------------------------------------------------------------
Total Securities 17,051,639 17,347,699 17,178,125 17,449,882
------------------------------------------------------------
Total Cash and Securities 18,943,883 18,864,194 18,840,487 18,990,479
Loans Held for Sale 1,198,407 1,641,915 1,658,703 1,899,632
Loans and Leases Held for Investment (before reserve) 38,836,589 38,250,894 36,518,638 34,889,002
------------------------------------------------------------
Total Loans and Leases 40,034,996 39,892,809 38,177,341 36,788,634
Loan Loss Reserve (572,919) (580,061) (553,577) (538,709)
Goodwill 431,845 319,666 324,359 319,870
Other Intangibles 264,120 254,816 251,215 263,570
------------------------------------------------------------
Intangible Assets 695,965 574,482 575,574 583,440
Mortgage Servicing Rights 381,661 386,058 377,027 351,797
Other Real Estate Owned 19,349 19,659 19,790 21,369
Other Assets 2,653,753 2,489,786 2,815,744 2,087,716
------------------------------------------------------------
Total Assets $ 62,156,688 $ 61,646,927 $ 60,252,386 $ 58,284,726
============================================================
BALANCE SHEET - LIABILITIES ($000S)
- -----------------------------------
Interest Checking $ 6,525,622 $ 6,097,388 $ 5,974,045 $ 5,822,178
Savings 7,528,729 7,546,047 7,481,462 7,245,099
Money Market Deposits 2,177,984 2,490,038 2,552,657 2,792,219
Consumer Time Deposits 14,665,357 14,752,513 14,518,395 14,592,471
------------------------------------------------------------
Total Customer Deposits 30,897,692 30,885,986 30,526,559 30,451,967
CDs $100,000 & Over 2,533,626 2,857,385 2,896,852 3,852,596
Foreign Deposits 2,260,413 696,780 1,744,350 410,309
Short-Term 11,198,167 11,534,448 9,166,323 7,903,452
Long-Term 2,003,772 2,571,239 2,809,964 2,742,160
Convertible Subordinated Debentures 172,500 172,500 172,500 172,500
------------------------------------------------------------
Total Interest-Bearing Liabilities 49,066,170 48,718,338 47,316,548 45,532,984
------------------------------------------------------------
Demand Deposits 6,164,074 6,227,283 6,295,415 5,877,584
Other Liabilities 1,363,649 1,293,294 1,267,471 1,444,793
------------------------------------------------------------
Total Liabilities 56,593,893 56,238,915 54,879,434 52,855,361
============================================================
BALANCE SHEET - EQUITY ($000S)
- ------------------------------
Common and Preferred Equity 5,864,656 5,636,050 5,483,694 5,358,322
Net Unrealized Gains (Losses) on
Securities Available for Sale (301,861) (228,038) (106,113) 100,343
Treasury Stock, at Cost -- -- (4,629) (29,300)
------------------------------------------------------------
Total Shareholders' Equity $ 5,562,795 $ 5,408,012 $ 5,372,952 $ 5,429,365
============================================================
Preferred Shares Outstanding 9,250 9,250 9,250 9,250
Common Shares Outstanding (net of treasury) 565,425,468 565,494,574 560,302,884 557,601,773
Treasury Shares Held -- -- 110,454 699,167
10
FIFTH THIRD BANCORP
QUARTER ENDED
Three Months Ended
------------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
------------------------------------------------------------------------------
AVERAGE BALANCE SHEET ($000S)
- -----------------------------
Taxable Securities $ 17,626,644 $ 17,401,269 $ 17,416,705 $ 17,713,139 $ 17,096,576
Tax Exempt Securities 1,311,895 1,344,961 1,387,353 1,442,892 1,629,452
Loans & Leases 45,053,440 44,050,197 43,415,231 42,407,424 40,749,563
------------------------------------------------------------------------------
Total Earning Assets 63,991,979 62,796,427 62,219,289 61,563,455 59,475,591
------------------------------------------------------------------------------
Cash and Due from Banks 1,356,181 1,362,986 1,349,887 1,515,734 1,602,068
Other Assets 4,508,190 4,326,532 4,134,259 3,797,002 3,882,442
Reserve for Credit Losses (612,928) (603,800) (604,997) (593,113) (574,351)
------------------------------------------------------------------------------
Total Assets $ 69,243,422 $ 67,882,145 $ 67,098,438 $ 66,283,078 $ 64,385,750
==============================================================================
Interest Checking $ 7,352,535 $ 6,683,496 $ 6,472,719 $ 6,538,858 $ 6,497,098
Savings 8,387,530 8,108,064 7,800,984 7,797,927 7,722,998
Money Market Deposits 1,776,509 1,727,943 1,766,923 1,854,168 2,105,486
Consumer Time Deposits 15,663,933 15,368,706 14,888,242 14,635,098 14,604,641
------------------------------------------------------------------------------
Total Customer Deposits 33,180,507 31,888,209 30,928,868 30,826,051 30,930,223
Certificates - $100,000 and Over 3,764,000 3,470,422 3,435,503 3,002,097 2,579,277
Foreign Office Deposits 2,171,676 3,356,012 3,870,518 5,592,282 2,769,387
Short-Term Borrowings 9,108,119 10,121,271 10,872,969 11,525,191 12,279,643
Long-Term Borrowings 5,504,679 4,325,954 4,159,772 2,166,431 2,271,691
------------------------------------------------------------------------------
Total Interest-Bearing Liabilities 53,728,981 53,161,868 53,267,630 53,112,052 50,830,221
Demand Deposits 6,478,754 6,564,650 6,159,992 6,245,165 6,057,142
Other Liabilities 2,164,223 1,925,905 1,704,655 1,275,158 1,728,356
------------------------------------------------------------------------------
Total Liabilities 62,371,958 61,652,423 61,132,277 60,632,375 58,615,719
Shareholders' Equity 6,871,464 6,229,722 5,966,161 5,650,703 5,770,031
------------------------------------------------------------------------------
Total Liabilities & Shareholders' Equity $ 69,243,422 $ 67,882,145 $ 67,098,438 $ 66,283,078 $ 64,385,750
==============================================================================
Average Loans and Leases (excluding held for sale) $ 42,891,054 $ 42,489,976 $ 42,042,943 $ 40,901,833 $ 39,444,240
Average Common Shares Outstanding
Basic 571,181,662 565,262,982 565,439,872 566,271,992 565,776,239
Diluted 586,852,457 580,405,529 578,443,616 578,856,010 577,501,480
Three Months Ended
------------------------------------------------------------
December 31, September 30, June 30, March 31,
1999 1999 1999 1999
------------------------------------------------------------
AVERAGE BALANCE SHEET ($000S)
- -----------------------------
Taxable Securities $ 15,741,283 $ 15,771,695 $ 15,881,163 $ 15,473,517
Tax Exempt Securities 1,515,394 1,526,710 1,519,696 1,478,740
Loans & Leases 40,327,908 39,448,621 37,818,978 36,967,013
------------------------------------------------------------
Total Earning Assets 57,584,585 56,747,026 55,219,837 53,919,270
------------------------------------------------------------
Cash and Due from Banks 1,721,548 1,586,603 1,579,952 1,624,051
Other Assets 3,523,703 3,356,545 3,324,432 3,166,808
Reserve for Credit Losses (587,102) (566,500) (549,477) (535,606)
------------------------------------------------------------
Total Assets $ 62,242,734 $ 61,123,674 $ 59,574,744 $ 58,174,523
============================================================
Interest Checking $ 6,343,289 $ 6,118,989 $ 6,032,382 $ 5,826,840
Savings 7,630,530 7,563,135 7,362,003 7,089,398
Money Market Deposits 2,317,655 2,596,029 2,654,643 2,806,128
Consumer Time Deposits 14,770,618 14,637,545 14,507,807 14,782,922
------------------------------------------------------------
Total Customer Deposits 31,062,092 30,915,698 30,556,835 30,505,288
Certificates - $100,000 and Over 2,758,008 3,556,533 3,622,291 3,591,191
Foreign Office Deposits 2,357,156 737,276 386,558 307,748
Short-Term Borrowings 10,328,517 10,040,310 9,272,763 8,481,570
Long-Term Borrowings 2,136,050 2,682,571 2,682,537 2,593,595
------------------------------------------------------------
Total Interest-Bearing Liabilities 48,641,823 47,932,388 46,520,984 45,479,392
Demand Deposits 6,213,320 6,097,388 6,106,668 5,893,963
Other Liabilities 1,778,483 1,531,654 1,555,865 1,497,628
------------------------------------------------------------
Total Liabilities 56,633,626 55,561,430 54,183,517 52,870,983
Shareholders' Equity 5,609,108 5,562,244 5,391,227 5,303,540
------------------------------------------------------------
Total Liabilities & Shareholders' Equity $ 62,242,734 $ 61,123,674 $ 59,574,744 $ 58,174,523
============================================================
Average Loans and Leases (excluding held for sale) $ 38,574,935 $ 37,706,715 $ 35,707,418 $ 34,186,015
Average Common Shares Outstanding
Basic 565,711,394 563,723,336 559,136,894 558,541,773
Diluted 578,024,149 577,393,825 573,464,269 573,446,332
11
FIFTH THIRD BANCORP
QUARTER ENDED
Three Months Ended
------------------------------------------------------------------------
March 31, December 31, September 30, June 30, March 31,
2001 2000 2000 2000 2000
------------------------------------------------------------------------
ASSET QUALITY ($000S)
- ---------------------
Non-Accrual Loans $ 196,575 $ 174,250 $ 148,897 $ 139,310 $ 143,941
Renegotiated Loans 1,957 1,603 1,353 1,720 1,851
Other Real Estate Owned 24,159 24,685 22,776 21,710 18,089
------------------------------------------------------------------------
Total Non-Performing Assets 222,691 200,538 173,026 162,740 163,881
Loans 90+ Days Past Due 109,360 128,454 112,758 108,813 95,296
------------------------------------------------------------------------
Total NPAs Plus Loans Over 90 Days $ 332,051 $ 328,992 $ 285,784 $ 271,553 $ 259,177
========================================================================
LOAN PORTFOLIO ($ IN MILLIONS)
(net of unearned discount)
Construction & Land Development $ 3,424 $ 3,223 $ 2,864 $ 2,644 $ 2,377
Commercial Mortgages 6,680 6,227 6,068 6,009 5,524
Commercial Loans & Leases 13,542 13,306 12,921 12,883 12,739
Residential Mortgages 8,472 7,167 7,501 7,724 8,131
Home Equity Loans 6,842 6,792 6,303 5,850 5,066
Credit Card Outstandings 332 362 324 312 293
Other Consumer 7,283 7,108 6,849 7,450 7,408
------------------------------------------------------------------------
Total Loans & Leases $ 46,575 $ 44,185 $ 42,830 $ 42,872 $ 41,538
========================================================================
NON-PERFORMING LOANS ($000S)
- ----------------------------
(non-accrual plus renegotiated)
Construction & Land Development $ 9,780 $ 10,868 $ 5,430 $ 4,363 $ 3,124
Commercial Mortgages 53,168 42,001 21,217 22,567 25,287
Commercial Loans & Leases 81,939 75,315 78,641 76,829 78,165
Residential 46,489 41,864 41,941 34,224 35,936
Installment 7,156 5,805 3,021 3,047 3,280
------------------------------------------------------------------------
Total $ 198,532 $ 175,853 $ 150,250 $ 141,030 $ 145,792
========================================================================
NET CHARGE-OFFS ($000S) *
- -------------------------
Gross Charge-Offs $ 65,235 $ 54,044 $ 38,615 $ 41,355 $ 41,832
Recoveries (16,882) (19,098) (15,642) (15,314) (16,997)
------------------------------------------------------------------------
Net Charge-Offs $ 48,353 $ 34,946 $ 22,973 $ 26,041 $ 24,835
========================================================================
Three Months Ended
--------------------------------------------------------
December 31, September 30, June 30, March 31,
1999 1999 1999 1999
--------------------------------------------------------
ASSET QUALITY ($000S)
- ---------------------
Non-Accrual Loans $ 133,200 $ 144,187 $ 139,963 $ 144,029
Renegotiated Loans 2,210 3,047 4,221 4,214
Other Real Estate Owned 19,073 19,240 19,576 20,914
--------------------------------------------------------
Total Non-Performing Assets 154,483 166,474 163,760 169,157
Loans 90+ Days Past Due 83,087 107,082 97,402 102,789
--------------------------------------------------------
Total NPAs Plus Loans Over 90 Days $ 237,570 $ 273,556 $ 261,162 $ 271,946
========================================================
LOAN PORTFOLIO ($ IN MILLIONS)
(net of unearned discount)
Construction & Land Development $ 2,272 $ 2,080 $ 1,914 $ 1,739
Commercial Mortgages 5,640 5,469 5,140 4,834
Commercial Loans & Leases 12,106 11,587 11,168 10,675
Residential Mortgages 7,750 9,175 9,126 9,501
Home Equity Loans 4,524 3,931 3,529 3,268
Credit Card Outstandings 318 299 313 301
Other Consumer 7,425 7,352 6,987 6,471
--------------------------------------------------------
Total Loans & Leases $ 40,035 $ 39,893 $ 38,177 $ 36,789
========================================================
NON-PERFORMING LOANS ($000S)
- ----------------------------
(non-accrual plus renegotiated)
Construction & Land Development $ 4,041 $ 2,959 $ 2,806 $ 3,694
Commercial Mortgages 24,861 38,396 48,798 40,822
Commercial Loans & Leases 55,155 56,524 57,651 64,941
Residential 48,271 43,162 28,696 31,740
Installment 3,082 6,193 6,233 7,046
--------------------------------------------------------
Total $ 135,410 $ 147,234 $ 144,184 $ 148,243
========================================================
NET CHARGE-OFFS ($000S) *
- -------------------------
Gross Charge-Offs $ 81,749 $ 41,241 $ 44,824 $ 41,460
Recoveries (19,492) (17,566) (16,740) (13,884)
--------------------------------------------------------
Net Charge-Offs $ 62,257 $ 23,675 $ 28,084 $ 27,576
========================================================
* - 4Q99 includes the effect of merger-related charge-offs of $26,213.